For more than two years, Russ McMeekin has served as CEO of Universal mCloud, a company he founded as a cloud platform aimed at leveraging artificial intelligence to bolster energy asset performance. In this role, Russ McMeekin oversees all of the company’s major operations, including mergers and acquisitions.
In September 2018, Universal mCloud signed a letter of intent (LOI) that will see the company acquire Ascent AeroSystems. Through it’s unmanned aerial vehicle (UAV) services, mCloud will now have the ability to deploy its patented AssetCare cloud-based energy management platform to wind turbines, hard to reach HVAC infrastructure, and other energy assets that are in remote or difficult to access places.
The value of the acquisition is rated at upwards of $6.55 million, which includes $4.8 million in shares, $500,000 in cash at closing, and potentially another $1 million in shares and $250,000 in cash later based on performance. In his comments, mCloud CEO Russ McMeekin says that the acquisition will help his company gain valuable AI data from remote and inaccessible assets, which in turn will enable improvements in their management.
